Economy News-Daily Digest: 5 Key Updates
1. KVIC launches innovated charkha for coarse khadi
The Khadi and Village Industries Commission (KVIC) launched a charkha (spinning wheel) for coarse Khadi weaving. This is the first technological intervention after the independence.The new charkha has six and eight spindles and has been developed by Khadi Prayog Samiti, Ahmedabad. This charkha can produce 20 to 25 hanks per day which would increase the artisans’ income substantially, to Rs 200 and more, per day.
2. Mastercard innovation lab to focus on growing digital economy
Masterccard launched its first innovation lab in Pune to work on new commerce, payment and technology ideas for the rapidly growing digital economy in the country.
This is mastercard’s ninth lab in the world and the second in Asia Pacific after Singapore.
Mastercard in collaboration with the National Payments Corporation of India (NPCI) and other payments brands developed Bharat QR. It is world’s first interoperable Quick Response (QR) code acceptance solution.
3. ICICI Bank committed financial assistance to Armed Forces
ICICI Bank will provide committed financial assistance of Rs. 10 crore to the Indian Armed Forces, which will be used for two programs. The first will support post-graduation education of the widows of the soldiers and education for their wards. The second program will provide financial assistance for marriages of the daughters of ex-servicemen.
4. NABARD Buys Additional 7% stake in SIDBI from IDBI Bank
National Bank for Agriculture and Rural Development (NABARD) has bought an additional 7% stake in SIDBI for Rs 900 crore from IDBI Bank Ltd. This is the largest investment made by NABARD. This will raise NABARD’s total shareholding in SIDBI to 10%.
5. Cabinet approves MoU between SEBI and FSC
The Union Cabinet has given its approval for signing of a MoU between SEBI and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance. This will promote further development of economic links and cooperation between the two regulators. It will strengthen the information sharing framework between the two signatories.